My guy friend and I actually sat down and talked about this early on.
It was our freshmen year...and we were drinking mixed drinks and watching a movie and he just turned to me said, "you know, you really are attractive. and to be honest, so am i. but can we promise each other never to do the whole "dating" thing?" We agreed and toasted. And every year since our friendship has just gotten stronger.
Its really great, b/c having that honesty with him made us be able to talk about everything and anything. No holding back. So while I think he is one of the best examples of man God put on this earth. I also feel free to call him up and tell him when he's done wrong.
And for me it really was a huge benefit. B/c his girlfriend is my sorority lil' sis.